AFTER a series of increases for two months, two oil companies on Friday announced that they would cut down prices.
In an advisory at noontime, Pilipinas Shell and Petron Philippines said that they would roll back prices of gasoline products by P1.70 per liter and P.25 per liter on diesel.
A few hours later, Chevron Philipines (formerly Caltex) and Seaoil also adjusted their gasoline and diesel prices. No movement was made regarding the price of kerosene.
Other oil firms have yet to announced their adjustments.
Oil companies increased their prices hours after President Benigno Aquino 3rd delivered his fourth State of the Nation Address (SONA) on July 22.
The latest across the board hike is P.50 per liter for gasoline and kerosene, and P35 per liter for diesel.
Reports citing the Department of Energy (DoE) said that in Metro Manila, the average price of gasoline is P53.70 per liter while diesel is P43.75 per liter as of July 23.
Ruben D. Manahan 4th